Aggreko ETS secures $66 million for expanding solar assets
STAMFORD, Conn. and CLEVELAND, Sept. 09, 2024 (GLOBE NEWSWIRE) — Aggreko Energy Transition Solutions (ETS), a division of Aggreko, a global leader in energy solutions, today announced the successful closing of a $66 million term loan financing for a 88.5-megawatt (MWdc) diversified portfolio of C&I and community solar assets.
The solar portfolio is located across New York, Texas, and California and serves a mix of customers spanning utilities, corporates, and low- and moderate-income consumers. The financing provides a distribution to ETS for its acquisition and construction costs and is structured as a delayed-draw term loan to align with project completion milestones.
KeyBanc Capital Markets led the transaction and served as the administrative agent.
Jerry Polacek, President of Aggreko ETS, commented, “We are thrilled to be building upon our long-term relationship with KeyBank to fuel the growth of our C&I and community solar portfolios for our customers. Through this transaction, we’re able to demonstrate the value creation of the projects that we’re bringing online and reinvest funds into the next wave of solar and battery storage assets under development.”
Andy Redinger, Head of KeyBanc Capital Markets Utilities Power and Renewable Group remarked, “We are excited to lead Aggreko ETS solar portfolio financing and look forward to our continued support of these projects for many years to come.”
About Aggreko Energy Transition Solutions
Aggreko Energy Transition Solutions (ETS), a division of Aggreko Ltd., develops, owns, and operates utility scale and distributed solar and battery storage projects across the United States. ETS generates value by providing turnkey energy transition solutions to its customers that deliver affordable, reliable, and clean power. For more information, visit https://ets.aggreko.com/en-us
About Aggreko
Aggreko is a global leader in providing energy solutions that help businesses grow and communities thrive.
Operating in a rapidly changing energy market where reliable supplies of energy have never been more critical, we provide customers with power and temperature control solutions when, where and for however long they need it.
Using the latest technologies, we combine our innovative thinking with our sector knowledge to help our customers achieve their goals, however complex, through a range of flexible, modular solutions.
We’re investing in more sustainable products, fuels, and services to make greener solutions accessible for our customers, supporting their move to a more sustainable and efficient future.
Founded in 1962, we are headquartered in the UK and employ over 6,000 people worldwide.
For more information, please visit our website at Home | Aggreko
About KeyBanc Capital Markets
KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to dynamic companies capitalizing on opportunities in changing industries. Our deep industry expertise, broad capabilities and unique ideas are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables, and Technology verticals. With over 800 professionals across a national platform, KeyBanc Capital Markets has more than $50 billion of capital committed to clients and an award-winning Equity Research team that provides coverage on nearly 500 publicly traded companies. Securities products and services are offered by KeyBanc Capital Markets Inc., member FINRA/SIPC, and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services, are offered by KeyBank N.A.
Media Contact
Justin Williams
Trevi Communications for Aggreko
justin@trevicomm.com
+1 (978) 539-7157
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/122bab3e-faca-4f34-a78f-c7ee4494fe38
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